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Profile & Fundamentals

Plug Power Profile & Fundamentals

Name: Plug Power financial chart data preview
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Company and Market Context

Company Profile & Ownership

Plug Power Inc. designs, develops, and sells hydrogen products and solutions in Europe, Australia, North America, and internationally. The company offers GenDrive, a hydrogen fueled PEM fuel cell system, which powers material handling EVs, including Class 1, 2, 3 and 6 electric forklifts, automated guided vehicles, and ground support equipment; GenFuel, a liquid hydrogen fueling, delivery, generation, storage, and dispensing system; and GenCare, an Internet of Things based maintenance and on-site service program. It also provides GenKey, a turn-key solution; GenEco electrolyzers for clean hydrogen production; liquefaction systems; cryogenic equipment, such as trailers and mobile storage equipment for the distribution of liquified hydrogen, oxygen, argon, nitrogen, and other cryogenic gases; GenSure, a stationary fuel cell solution; and liquid hydrogen. The company serves customers in material handling operations, fuel cell electric vehicle fleets, and stationary power applications through its direct sales force, original equipment manufacturers, and dealer networks. Plug Power Inc. was incorporated in 1997 and is based in Slingerlands, New York.

Company profile record

Plug Power Inc

Common Stock · Industrials · Electrical Components & Equipment

Official website

Company

Company / asset: Plug Power Inc
Security type: Common Stock
Sector: Industrials
Industry: Electrical Components & Equipment
HQ: 🇺🇸 United States
Head office: 125 Vista Boulevard, Slingerlands, NY, United States, 12159

Leadership & scale

Chief executive: Mr. Jose Luis Crespo
CEO year born: 1970
Full-time employees: 2.3K
Fiscal year end: December
IPO date: 1999-10-29

Fundamentals snapshot

Updated 2026-09-13

Market Cap: USD 2.9B
P/E: --
Revenue (Q2 26): USD 178.3M
Profit (Q2 26): USD -188.2M
Dividend Yield: --
Revenue (FY 25): USD 709.9M
Shares in public float: 1.3B
Insider ownership: 4.54%

Reporting & identifiers

Symbol: PLUG.NASDAQ
Listing: 🇺🇸 United States | Dividend Tax: 30%
Ticker Currency: USD
Income Statement Currency: USD
Balance Sheet Currency: USD
Cash Flow Currency: USD
EPS Currency: USD
Contract Type: SPOT
ISIN: US72919P2020
Asset ID: equity_e5bc02f3-153b-5ec8-8cd6-db352bba01db

Ownership

Shares Outstanding

Shares outstanding

Annual reported shares outstanding. Values in shares.

Top holders

BlackRock Inc152,093,275 shares · 10.89% · Reported 2026-03-31
Vanguard Capital Management, LLC62,550,438 shares · 4.48% · Reported 2026-03-31
Vanguard Portfolio Management, LLC59,603,806 shares · 4.27% · Reported 2026-03-31
iShares Global Clean Engy Trns ETF $Dist46,290,485 shares · 3.31% · Reported 2026-08-28
Vanguard MStar Total Stk Mkt Idx Invest44,533,504 shares · 3.19% · Reported 2026-07-31
UBS Group AG41,593,479 shares · 2.98% · Reported 2026-03-31
State Street Corp36,549,102 shares · 2.62% · Reported 2026-03-31

View more holders (8)

iShares Russell 2000 ETF35,100,980 shares · 2.51% · Reported 2026-08-31
Geode Capital Management, LLC34,708,817 shares · 2.48% · Reported 2026-03-31
Vanguard Small Cap Index32,075,624 shares · 2.30% · Reported 2026-07-31
iShares Global Clean Energy ETF28,476,301 shares · 2.04% · Reported 2026-08-31
Renaissance Technologies Corp27,738,500 shares · 1.99% · Reported 2026-03-31
Citadel Advisors Llc24,149,952 shares · 1.73% · Reported 2026-06-30
Two Sigma Investments LLC22,610,124 shares · 1.62% · Reported 2026-06-30
D. E. Shaw & Co LP21,943,120 shares · 1.57% · Reported 2026-06-30

Earnings, Profitability & Valuation

Earnings & Revenue

AI Review

Financial assessments agree that the company's current financial health is highly distressed. While recent quarterly revenues showed modest growth, the overall picture is dominated by massive net losses and a severe cash burn of approximately one hundred fifty million dollars per quarter. The reports agree that the company's earnings quality is very low, often relying on one-off asset sales or tax-credit transfers rather than profitable operations. However, there is disagreement regarding the future outlook. Some analysts believe that the new management's cost-cutting measures will successfully guide the company toward positive earnings by late 2027. Others argue that without government subsidies, the business model is structurally broken, meaning that any future revenue growth will only accelerate losses and lead to further shareholder dilution. Ultimately, the consensus warns that the current financial trajectory is unsustainable without continuous external funding.

Revenue, Net Income, and Free Cash Flow

Revenue
Free cash flow
Net income

Annual reported financial results, converted using the statement's recorded USD conversion. Missing values are omitted. Values in USD.

Valuation

Historical P/E Ratio

The published data is insufficient to draw this chart.

Profitability & Margins

AI Review

Profitability margins are structurally broken, with gross margins historically sitting deeply in negative territory. This means the company spends more to produce and deliver its products than customers are willing to pay. While recent reports note a sequential improvement in , they remain negative, and operating margins are catastrophically low. The assessments agree that these pressures are structural, driven by the high costs of hydrogen production and the loss of government subsidies. Opinions clash on the future margin trajectory. Some optimistic views suggest that completing internal production plants will allow the company to stop buying expensive third-party fuel, eventually pushing into positive territory. Conversely, bearish assessments argue that green hydrogen is a commodity with no pricing power, meaning margins will remain structurally underwater and continue to destroy shareholder wealth.

Profitability Margins

Gross margin
Operating margin
Net margin
Free cash flow margin

Annual gross, operating, net income and free cash flow divided by revenue for matching reporting dates. Values in percent.

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Reported Data Tables — chart preview

The following tables contain the same values as the financial charts above. Monetary values are USD; margins are percentages. Missing inputs are not estimated. Use is subject to the iPulse AI Terms of Service and applicable source rights.

Source: eodhd. Statement snapshots with chart transformations and ratios calculated by iPulse AI. Snapshot retrieved 2026-09-15.

Annual earnings and profitability
Period end	Revenue	Free cash flow	Net income	Gross margin	Operating margin	Net margin	Free cash flow margin
2016-12-31	85,928,000	-87,711,000	-57,487,000	4.59	-59.96	-66.9	-102.07
2017-12-31	132,929,000	-104,545,000	-127,080,000	1.19	-76.58	-95.6	-78.65
2018-12-31	174,215,000	-77,189,000	-78,115,000	1.27	-39.88	-44.84	-44.31
2019-12-31	229,975,000	-65,539,000	-85,465,000	12.05	-21.76	-37.16	-28.5
2020-12-31	-93,237,000	-205,697,000	-596,155,000	Not reported	Not reported	Not reported	Not reported
2021-12-31	502,342,000	-551,442,000	-459,965,000	-34.1	-87.06	-91.56	-109.77
2022-12-31	701,440,000	-1,084,707,000	-724,008,000	-27.71	-96.88	-103.22	-154.64
2023-12-31	891,340,000	-1,802,696,000	-1,368,833,000	-56.97	-150.73	-153.57	-202.25
2024-12-31	628,814,000	-1,062,891,000	-2,104,701,000	-99.38	-321.21	-334.71	-169.03
2025-12-31	709,919,000	-661,475,000	-1,631,594,000	-34.09	-95.73	-229.83	-93.18

Shares outstanding — chart values
Reporting date	Shares outstanding
2017-01-01	228,117,000
2018-01-01	218,736,700
2019-01-01	237,152,800
2020-01-01	458,051,400
2021-01-01	576,839,300
2022-01-01	583,102,900
2023-01-01	606,135,700
2024-01-01	913,896,900
2025-01-01	1,158,516,200
2026-01-01	1,391,212,700

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